Gold prices today, November 5th: World gold prices rise sharply, SJC gold increases by 1.8 million VND.

According to data updated at 8:30 AM on November 5th, the spot price of gold in the world market reached $4,112 per ounce, an increase of $182 per ounce, equivalent to 4.6% in 24 hours.

World gold prices rose by more than $165 per ounce.

Earlier, in trading on November 4th, the spot gold price rose 3.4%, to $4,059 per ounce, marking its strongest daily increase since mid-August.

According to Reuters, the sharp rise in gold prices stems from the weakening of the US dollar after the Democratic Party gained control of both the US Senate and House of Representatives in the midterm elections.

Markets are concerned that policy disagreements could restrict new government spending plans, and that tighter regulations on artificial intelligence ( AI ) could impact the outlook for US economic growth.

These factors put pressure on the US dollar, pushing the greenback index to its lowest level in over a month. The US Dollar Index (DXY) fell 0.43% to 101.43 points on the morning of November 5th.

In addition, the initial drop in US government bond yields following the election results also contributed to supporting precious metal prices.

However, the upward outlook for gold still faces pressure from monetary policy. According to CME FedWatch data, the market is betting on an 83% chance that the US Federal Reserve (Fed) will raise interest rates in December.

Investors are currently awaiting the US non- farm payrolls report, scheduled for November 6th, to gain further insight into the health of the labor market and the Fed’s interest rate outlook.

In the domestic market, as of 8:30 AM on November 5th, the price of SJC gold bars was listed at 139.4 million VND/ounce for buying and 142.4 million VND/ounce for selling. Compared to the previous session, both buying and selling prices increased by 1.8 million VND/ounce.

For SJC gold rings, the buying price is 136.5 million VND/ounce, and the selling price is 140.5 million VND/ounce, an increase of 2.8 million VND per ounce in both buying and selling prices.

After four consecutive days of increases since the beginning of the week (November 2nd), the price of SJC gold bars has increased by a total of 3.4 million VND/ounce, while SJC gold rings have increased by as much as 4.7 million VND/ounce.

Currently, the difference between the buying and selling price of SJC gold bars is approximately 3 million VND/ounce, while the difference for gold rings is 4 million VND/ounce. Meanwhile, the price of SJC gold remains about 14.2 million VND/ounce higher than the converted world price.

Meanwhile, world silver prices also rose on the morning of November 5th. According to data from Kitco, the spot price of silver was trading around $52.59 per ounce, up $0.49, or 0.94%, from the previous session.

Oil prices continue to fall.

World oil prices continued to fall slightly on the morning of November 5th. WTI crude was at $87.93 per barrel, down 0.22%, while Brent crude retreated to $94.51 per barrel, down 0.12%.

The decline continued from the plunge on November 4th, when Brent crude oil prices at one point lost 8.7%, and WTI fell 8.3%.

Pressure on oil prices mainly stems from expectations that tensions between the US and Iran will ease following the US midterm elections. Reuters reports that Qatar is increasing its mediating role between the two countries. If negotiations make progress, oil exports from the Middle East could be more favorable, reducing the risk of supply disruptions.

However, the prospect of de-escalating the conflict remains uncertain as the parties have yet to reach a peace agreement.

Meanwhile, the cryptocurrency market recorded positive developments. Bitcoin traded around $80,461, up 4.63% in the last 24 hours. The world’s largest cryptocurrency has surpassed the $80,000 mark again after a period of strong selling pressure.

Readers are invited to follow the price movements of gold and silver HERE.